> ## Documentation Index > Fetch the complete documentation index at: https://docs.aiinsurance.io/llms.txt > Use this file to discover all available pages before exploring further. # Financial Transactions ## Overview Financial transactions are records of all monetary activities in AI Insurance, including invoices, payments, refunds, and other financial operations. The **Transactions** section in Financials serves as the central hub for managing all financial records. ## What are Financial Transactions? Financial transactions represent any financial activity related to policies, events, or other business operations. Common transaction types include: * **Policy Invoices**: Bills sent to insureds for policy premiums * **Commission Invoices**: Invoices for broker commissions * **ALAE (Allocated Loss Adjustment Expense)**: Expenses related to claim handling * **ULAE (Unallocated Loss Adjustment Expense)**: Unallocated expenses related to claim handling * **Indemnity**: Payments made for claims * **Claim Handling Costs**: Costs associated with processing claims * **Retention**: Amounts retained by the carrier * **Coverage Expense**: Expenses related to coverage Each transaction includes important details such as: * **Transaction Type**: The type of financial transaction * **Status**: Current status (Approved, Paid, Owed, or Void) * **Event**: Associated event (if applicable) * **Payee**: The party receiving or making the payment * **Invoice Date**: Date the invoice was created * **Invoice Number**: Reference number for the invoice * **Due Date**: When the transaction is due * **Paid Date**: Date payment was received (if applicable) * **Memo**: Additional notes or descriptions * **Amount**: The transaction amount ## Accessing the Transactions Section To view and manage financial transactions: 1. Navigate to **Financials** in the sidebar 2. Click on the **Transactions** tab Financials Transactions The Transactions page displays all financial transactions in a table format, allowing you to search, filter, and manage your financial records. ## Creating a Manual Financial Transaction You can manually create financial transactions when you need to record invoices, payments, or other financial activities that aren't automatically generated by the system. ### Step 1: Navigate to Transactions 1. Go to **Financials** in the sidebar 2. Click on the **Transactions** tab ### Step 2: Create a New Transaction 1. Click the **"New Transaction"** button in the top right corner 2. A dropdown menu will appear with available transaction types New Transaction dropdown ### Step 3: Select Transaction Type Select the appropriate transaction type from the dropdown menu: * **Policy Invoice**: For billing insureds for policy premiums * **Commission Invoice**: For broker commission invoices * **ALAE**: For allocated loss adjustment expenses * **ULAE**: For unallocated loss adjustment expenses * **Indemnity**: For claim indemnity payments * **Claim Handling Costs**: For claim processing costs * **Retention**: For retention amounts * **Coverage Expense**: For coverage-related expenses ### Step 4: Fill in Transaction Details After selecting a transaction type, a form will open where you can enter the following information: Transaction form * **Transaction Type**: The type of transaction (pre-selected from Step 3, but can be changed) * **Status**: The current status of the transaction. Default is typically **"Owed"** for invoices * Options: Approved, Paid, Owed, or Void * **Event**: (Optional) Link to an associated event * **Payee**: The party receiving or making the payment * **Invoice Date**: The date the invoice was created * **Invoice Number**: Reference number for the invoice * **Due Date**: When the transaction is due * **Paid Date**: (Optional) Date payment was received * **Memo**: Additional notes, descriptions, or reference information * **Amount**: The transaction amount (defaults to \$0) ### Step 5: Save the Transaction 1. Review all entered information 2. Click **"Save"** or **"Create Transaction"** to finalize The new transaction will appear in your Transactions list with a default status (typically **"Owed"** for invoices or **"Approved"** for other transactions).